Deadline Reminder: Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Tingo Group, Inc. (TIO)

Law Offices of Howard G. Smith reminds investors of the upcoming August 7, 2023 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased Tingo Group, Inc. (“Tingo” or the “Company”) (NASDAQ: TIO) securities between December 1, 2022 and June 6, 2023, inclusive (the “Class Period”).

Investors suffering losses on their Tingo investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

On June 6, 2023, Hindenburg Research (“Hindenburg”) published a report titled “Tingo Group: Fake Farmers, Phones, and Financials—The Nigerian Empire That Isn’t.” Therein, Hindenburg disclosed, among other things, that Tingo “is an exceptionally obvious scam with completely fabricated financials.” Hindenburg further stated that Dozy Mmobuosi (“Mmobuosi”) appears to have fabricated his biographical claim, including that he developed the first mobile payment app in Nigeria and that he received a PhD in rural advancement from a Malaysian university in 2007.

On this news, the Company’s stock price fell $1.23, or 48.2%, to close at $1.32 per share on June 6, 2023, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that Defendant Mmobuosi fabricated biographical claims about himself; (2) that Tingo had photoshopped its logo onto pictures of airplanes it did not own; (3) that Tingo inflated its food division margins; (4) that Tingo published misleading images of its planned Nigerian food processing facility and overstated its progress on the facility’s construction; (5) that Tingo inflated its food inventory; (6) that Tingo did not have relationships with the two farming cooperatives it claimed; (7) that Tingo did not generate $128 million in revenue for its handset leasing, call and data segments as it claimed; (8) that Tingo’s Mobile operation in Nigeria was delinquent on its tax obligations; (9) that Tingo photoshopped its logo over pictures from a different point of sale system operator’s website; (10) that Tingo did not generate $125.3 million in revenue from NWASSA; (11) that Tingo’s agricultural export business was not on track to deliver $1.34 billion in exports by Q3 2023; (12) that Tingo lacked effective controls over accounting and financial reporting; and (13) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

If you purchased or otherwise acquired Tingo securities during the Class Period, you may move the Court no later than August 7, 2023 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

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